the things that we described in December of last year, and we see the same opportunities there. Those opportunities are unchanged. And

the things that we described in december of last year and we see the same opportunities there that those opportunities are unchanged and


and we believe that we have the most upside potential for further penetration of our earthmoving fleet going forward. Earthmoving provides significant strategic value to our business,

and we believe that we have the most upside potential for further penetration of our earthmoving fleet going forward earthmoving provides significant strategic value to our business


As far as we know or we have heard, we haven't had that kind of signal from the government. I think they will -- they are still concerned on the amount of

as far as we know or we have heard we haven't had that kind of signal from the government i think they will -- they are still concerned on the amount of


In addition, Chris Cline decided to forgo the distribution on his common units for the third quarter, reflecting his continued commitment to our business.

in addition chris klein decided to forego the distribution on his common units for the third quarter reflecting his continued commitment to our business


So all parts of our Active business is strong, Joe's in fashion. And with Martha, when you exclude the Legacy business, the Martha business would actually be up.

so all parts of our active business are strong joe's in fashion and with martha when you exclude the legacy business the martha business would actually be up


And with that, let me turn the call back to Tom. Thanks, Sari. We had a strong start to the year as we successfully addressed customer priorities across our diverse portfolio of end markets

and with that let me turn the call back to tom thanks sarah we had a strong start to the year as we successfully addressed customer priorities across our diverse portfolio of end markets


Yes. I really can't comment on what other folks in the industry are doing in terms of production. The way we look at it really is just we produce what we can

yes i really can't comment on what other folks in the industry are doing in terms of production the way we look at it really is just we produce what we can


So there certainly is market pressure that comes into play. But through it all, I mean, we remain the price leader in the categories where we compete.

so there certainly is market pressure that comes into play but through it all i mean we remain the price leader in the categories where we compete


to come back for you and start growing in 2Q? Or would it be just that the -- you expect the IoT business to start ramping and maybe there are parts and pieces of the mobile business that come up?

to come back for you and start growing in 2q or would it be just that the -- you expect the iot business to start ramping and maybe there are parts and pieces of the mobile business that come up


for merchants and helps marketplaces connect with sellers that have a proven history with PayPal. One of the most pronounced trends in e-commerce over the past several years

for merchants and helps marketplaces connect with sellers that have a proven history with paypal one of the most pronounced trends in e-commerce over the past several years


We made significant progress adding some exceptional banking talent, streamlining key processes and enhancing our use of technology in many areas of the company.

we made significant progress adding some exceptional banking talent streamlining key processes and enhancing our use of technology in many areas of the company


but we want to get those products out sooner and have a full line card come this spring for the launch. And the feedback, I just got a text

but we want to get those products out sooner and have a full line card come the spring for the launch and the feedback i just got a text


and had a very strong year in 2015, primarily due to continued growth in database and targeted marketing, which drove healthy increases in both slot and table games revenue.

and had a very strong year in 2015 primarily due to continued growth in the database and targeted marketing which drove healthy increases in both slot and table games revenue


of the dividend on our preferred stock. We remain confident that our business model will continue to generate strong cash flow and support our growth strategy.

of the dividend on our preferred stock we remain confident that our business model will continue to generate strong cash flow and support our growth strategy


We continue to focus on controlling our costs, delivering lease operating expenses below the low end of guidance and general and administrative costs at the low end of guidance.

we continue to focus on controlling our costs delivering lease operating expenses below the low end of guidance and general and administrative costs at the low end of guidance


This quarter's increase in earnings reflects higher earnings in all service lines, particularly in inside work where the company saw higher workloads, along with margins.

this quarter's increase in earnings reflects higher earnings in all service lines particularly in inside work where the company saw higher workloads along with margins


we will try to maintain it. What can we do to prevent competitive environment changing? I think not a lot. I think we have to continue to run our business well, to

we will try to maintain it what can we do to prevent competitive environment changing i think not a lot i think we have to continue to run our business well


The trends of longer blades, taller towers, technology advancements and maturing of the industrial supply chains to drive down LCOE continues.

the trends of longer blades taller towers technology advancements and maturing of the industrial supply chains to drive down lcoe continues


and we continue to evaluate opportunities to leverage the strength of the Trex brand by adding complementary products to our portfolio.

and we continue to evaluate opportunities to leverage the strength of the trex brand by adding complementary products to our portfolio


The decline in the midpoint is almost solely attributable to the unforeseen bankruptcy of a 62,000 square foot industrial user in Greensboro.

the decline in the midpoint is almost solely attributable to the unforeseen bankruptcy of a 62 000 square foot industrial user in greensboro


Accordingly, we are maintaining a full court press with our shortage initiatives and we'll provide another update after we take our January inventories.

accordingly we are maintaining a full-court press with our shortage initiatives and will provide another update after we take our january inventories


Now going into the financial year, so I have just singled out 3 areas that were of concern or were happening last year.

now going into the financial years i have just singled out 3 areas that were of concern or were happening last year


We just have to keep our brands above that slightly. And we have to fight with the branded competitors in the same space. Steve, this is Mark Smucker. I would just add 1 or 2 things, and that is that

we just have to keep our brands above that slightly and we have to fight with the branded competitors in the same space steve this is mark's marker i would just add 1 or 2 things and that is that


mixing machine is in, and we're going through the qualifications. We actually are expecting to ship commercial product out of that starting in the third quarter and ramping up to the fourth.

the mixing machine is in and we're going through the qualifications we actually are expecting to ship commercial product out of that starting in the third quarter ramping up to the fourth


Now when making such fundamental changes, the challenge is always to keep the car going at full speed, whilst you're also tuning the engine,

now when making such fundamental changes the challenge is always to keep the car going at full speed whilst you are also tuning the engine


of billed volume on average. However, some areas of business can report backlogs in excess of 10 months with other areas of our business at much lighter backlog levels.

of build volume on average however some areas of business can report backlogs in excess of 10 months with other areas of our business at much lighter backlog levels


of those -- that amenity provision. And importantly, that community, like many of the communities that we've commenced in the last 5 years, is very close to new heavy rail.

of those -- that amenity provision and importantly that community like many of the communities that we've commenced in the last 5 years is very close to new heavy rail


and the reality of a continued reduction in commodity prices, and it's impacting the ability of companies to generate cash flows on a sustainable way. On the other hand,

and the reality of a continued reduction in commodity prices and it's impacting the ability of companies to generate cash flows on a sustainable way on the other hand


but we don't -- we certainly don't think we can do it forever. And we do have internal guidelines about how much we can raise rent. We would never raise rent, for example, on the renewal

but we don't -- we certainly don't think we can do it forever and we do have internal guidelines about how much we can raise rent we would never raise rent for example on a renewal


Although online snacks are relatively underdeveloped, we believe e-commerce will be increasingly important as consumer purchasing behavior changes.

although online snacks are relatively underdeveloped we believe e-commerce will be increasingly important as consumer purchasing behavior changes


within our part of the value chain if we have closer cooperation altogether. So I think it is really about cooperating across

within our part of the value chain if we have closer cooperation altogether so i think it is really about cooperating across


However, it is important to remember that the amount shown here after 2020 do not include any benefit from management actions.

however it is important to remember that the amounts shown here after 2020 do not include any benefit from management actions


Okay, okay. And then if you could talk about maybe some of your brands that are more exposed to the off-price channel given there's been some changes in that as well will be helpful.

okay okay and then if you could talk about maybe some of your brands that are more exposed to the off-price channel given there's been some changes in that as well it would be helpful


It has given us a good platform to now sell pizzas across a large number of cities compared to any other food business in India.

it has given us a good platform to now sell pizzas across a large number of cities compared to any other food business in india


in the IB. The capital markets environment was pretty robust in the third quarter, so we feel good about where we've got to. It is part of our key strategy to

in the ib the capital markets environment was pretty robust in the third quarter so we feel good about where we've got to it is part of our key strategy to


Now as I mentioned already, we have more than 10,000 FedEx Onsite locations, and we are very, very pleased with the usage trends that we have seen so far. Thank you.

now as i mentioned already we have more than 10 000 fedex on-site locations and we are very very pleased with the usage trends that we have seen so far thank you


So there's another question here about our view on electric and autonomous trucks. And specifically about

so there's another question here about our view on electric and autonomous trucks and specifically about


and we are focusing on margins versus volumes at this time. With the upcoming changes expected as a result of the IMO 2020 regulations,

and we are focusing on margins versus volumes at this time with the upcoming changes expected as a result of the imo 2020 regulations


We've staffed up significantly in our call centers to handle the cutover and we have committed plans for that, through attrition,

we've staffed up significantly in our call centers to handle the cutover and we have committed plans for that through attrition


that they may not have all the votes that they feel like they need. The Senate, of course, is far behind where the House is, and there's a lot of work left to be done there. But

they may not have all the votes that they feel like they need the senate of course is far behind where the house is and there's a lot of work left to be done there but we need


I will provide a more detailed update on our business in a few minutes. But at this time, I will turn the call over to Nancy to review our financial results and outlook. Nancy?

al will provide a more detailed update on our business in a few minutes but at this time i will turn the call over to nancy to review our financial results and outlook nancy


And all of that hard work, it was what I was trying to allude to in my prepared remarks, had set us up in '19 and '20 and beyond to be more balanced.

and all of that hard work and it was what i was trying to allude to in my prepared remarks had set us up in '19 and '20 and beyond to be more balanced


Who do you think your -- who do you see as your primary competition today? And then as it relates to e-commerce, what's the best way to think about Amazon as a potential channel of distribution?

who do you think -- who do you see as your primary competition today and then as it relates to e-commerce what's the best way to think about amazon as a potential channel of distribution


and with this minimum -- I mean, having to pay minimum wage and overtime to 100% commissioned salespeople, it's just an odd thing for me. And we decided we just had to come up with

and with this minimum -- i mean having to pay minimum wage and overtime to 100% commission salespeople is just an odd thing for me and we decided we just had to come up with


reconciliation of our non-GAAP forward outlook to the most directly comparable GAAP measures is not included because material items that affect these measures such as

the reconciliation of our non-gaap forward outlook to the most directly comparable gaap measures is not included because material items that affect these measures such as


of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors.

of 1995 actual results and trends could differ materially from those set forth in such statements due to various risks uncertainties and other factors


which are set forth on Slide 6. It is worth mentioning again that we increased our guidance for both companies in May when we initiated guidance for the combined company.

which are set forth on slide 6 it is worth mentioning again that we increased our guidance for both companies in may when we initiated guidance for the combined company


basically the benefit, if you could quantify or at least qualify that on margins historically from that strategy that we need to take into account, if you focus more on cash

basically the benefit if you could quantify or at least qualify that or margins historically from that strategy that we need to take into account if you focus more on cash


The expansion in sales allowed us to overcome significant raw material inflation this year as well as supply chain disruptions related to Hurricane Harvey.

the expansion in sales allowed us to overcome significant raw material inflation this year as well as supply chain disruptions related to hurricane harvey


So with these comments, I'll conclude, and I'll turn it back over to Jerry for further comments, and then open it up for questions and answers in discussions.

so with these comments i'll conclude and i'll turn it back over to jerry for further comments and then open it up for questions and answers and discussion


If things proceed as planned, the first of an eventual fleet of up to 5 of these geosynchronous orbit servicing vehicles will commence operations

if things proceed as planned the first of an eventual fleet of up to 5 of these geosynchronous orbit servicing vehicles will commence operations


It's a real testament to our talented and dedicated employees around the world who are creating a strong culture focused on leadership development, operational excellence and driving results.

it's a real testament to our talented and dedicated employees around the world we're creating a strong culture focused on leadership development operational excellence and driving results


secondly, was there any benefit in service fees from the restructuring of contracts around the breakup of scheme and processing in Europe?

secondly was there any benefit in service fees from the restructuring of contracts around the breakup of scheme and processing in europe


volume leverage. One item that I'd like to point out is that pricing does remain very competitive in China and did negatively impact margins in the quarter.

volume leverage one item that i'd like to point out is that pricing does remain very competitive in china and did negatively impact margins in the quarter


I mean, is that deflationary piece relative to price kind of a significant component? Because I'd think just looking at the headlines on the commodities, there's been

i mean is that deflationary piece relative to price kind of a significant component because i think just looking at the headlines on the commodities there's been


And as consumers in emerging markets trade up, primary scotch price points can sit between local mainstream spirits and premium core.

and as consumers in emerging markets trade up primary scotch price points can sit between local mainstream spirits and premium core


we are not playing with the credit model to drive retail sales. Now we're not going to do it if we're not seeing the return on investment

we are not playing with the credit model to drive retail sales now we -- we're not going to do it if we're not seeing the return on investment


Actual outcomes and results may differ materially due to factors that are summarized in the earnings press release and described more fully in the company's filings with the SEC.

actual outcomes and results may differ materially due to factors that are summarized in the earnings press release and described more fully in the company's filings with the sec


and announced the sales of our San Juan Basin and Barnett shale assets. We're on track to close these transactions in the third quarter.

and announced the sales of our san juan basin and barnett shale assets we're on track to close these transactions in the third quarter


We are fully committed to all of our customers for maintenance of their existing project, to advising them on new product and to service and support their business goals.

we are fully committed to all of our customer for maintenance of their existing project to advising them on new product and to service and support their business goals


And finally, a few thoughts on what's next in our corporate strategy. So for more details on the quarter and for our financial results, I'll pass the baton to Bob.

and finally a few thoughts on what's next in our corporate strategy so for more details on the quarter and for our financial results i'll pass the baton to bob


At the same time, we are evaluating further indication expansion as we believe luspatercept is a potential platform treatment for anemia. I will jump into this in more detail in just a minute.

at the same time we are evaluating further indication expansion as we believe luspatercept is a potential platform treatment for anemia i will jump into this in more detail in just a minute


We want 180 to be known as a prominent and dominant leader in our world of public company constructive activism. We will continue to strive for excellence and investment performance.

we want 180 to be known as a prominent and dominant leader in our world of public company constructive activism we will continue to strive for excellence in investment performance


The transactions we're working on very significantly in size and complexity and attempting to forecast which deals will be completed and when is difficult.

the transactions we are working on vary significantly in size and complexity and attempting to forecast which deals will be completed and when is difficult


While it's impossible to predict the timing on any single deal, the fact that several discussions are progressing gives us confidence in our ability to complete at least one deal this year.

while it's impossible to predict the timing on any single deal the fact that several discussions are progressing gives us confidence in our ability to complete at least one deal this year


like the idea of the procedure under the cash-pay model, but have really sort of lost touch with you since you went to the reimbursement model?

like the idea of the procedure under the cash pay model but have really sort of lost touch with you since you went to the reimbursement model


where that rate pressure is and really that's the group that saw the deep plunge in terms of pricing. And so it's more than come back now. And

where that rate pressure is and really that's the group that saw the deep plunge in terms of pricing and so it's more than come back now and


These were partially offset by contractual price increases, higher order levels and an early time charter termination payout,

these were partially offset by contractual price increases higher water levels and an early time charter termination payout


We did take that down to the high single-digit range at the end of the first quarter and then slightly lower than that in the second quarter earnings conference call.

we did take that down to the high single-digit range at the end of the first quarter and then slightly lower than that in the second quarter earnings conference call


I've come to realize, and we've come to realize as Beiersdorf as a group, that our potential to capture opportunities and growth outside of our core territory

i've come to realize and we've come to realize as biosolve as a group that our potential to capture opportunities and growth outside of our core territory


exceedingly mindful of the risk management side of that equation. And so part of that is hiring the right people and making sure that they

exceedingly mindful of the risk management side of that equation and so part of that is hiring the right people and making sure that they


and also began the implementation. And we aim to use the fantastic starting point that we have in our current business,

and also began the implementation and we aim to use the fantastic starting point that we have in our current business


Given the softness in our flow instrumentation business, the decision was made to offer the early retirement program to certain individuals as well as not filling open positions.

given the softness in our flow instrumentation business the decision was made to offer the early retirement program to certain individuals as well as not filling open positions


Because the Chicago project is so large and visible, our successful execution could drive similar opportunities in many communities nationwide.

because the chicago project is so large and visible our successful execution could drive similar opportunities in many communities nationwide


and goes into this amalgam of MAP and Direct and most of it goes into MAP under that aggressive case. And then you say

and goes into this amalgam of map and direct and most of it goes into map under that aggressive case and then you say


how that could impact your business on the demand side? Well, couple of things. I think we're still talking about an interest rate environment from the perspective of real estate developers and lenders that are

how that could impact your business on the demand side well a couple of things i mean we're still talking about an interest rate environment from the perspective of real estate developers and lenders that are


We will continue to review our capital allocation options, balancing the investments needed to ensure that we develop the products and put the capacity in place to support our growth objectives

we will continue to review our capital allocation options balancing the investments needed to ensure that we develop the products and put the capacity in place to support our growth objectives


Our strong growth profile coupled with our highly regulated transmission and distribution businesses gave us the confidence to extend our dividend guidance.

our strong growth profile coupled with our highly regulated transmission and distribution businesses gave us the confidence to extend our dividend guidance


Or these tractors that may come on the market here over the next 6 to 9 months? Is that even being contemplated? Or is it sort of new? And I guess why?

or these tractors that may come on the market here over the next 6 to 9 months is that even being contemplated or is it sort of new and i guess why


This validates our assumption that our business model flexes nicely across multiple brand offerings as we seek to capture more of the growing audience of weight loss contenders moving forward.

this validates our assumption that our business model flexes nicely across multiple brand offerings as we seek to capture more of the growing audience of weight loss and tenders moving forward


We feel good about the market potential improvements made in the business and believe that business would be better suited for a local player that should realize greater operating leverage as part of a larger portfolio.

we feel good about the market potential improvements made in the business but believe the business would be better suited for a local player that can realize greater operating leverage as part of a larger portfolio


Both companies have a keen appreciation that superior customer care comes from having deep analytical insight and understanding of the entire customer journey across all points of engagement.

both companies have a keen appreciation that superior customer care comes from having deep analytical insight and understanding of the entire customer journey across all points of engagement


We will examine and consider all options in our efforts to maximize the value of this opportunity and increase long-term shareholder value.

we will examine and consider all options in our efforts to maximize the value of this opportunity and increase long-term shareholder value


What's most encouraging to me about those international markets is that I think there is sort of growing recognition amongst NOCs and overseas oilfield service companies of the importance of technology,

what's most encouraging to me about those international markets is that i think there's sort of growing recognition amongst nocs and overseas oilfield service companies of the importance of technology


several parts of the channels, suppliers appear to be talking a lot more than they used to about higher hurdle rates for reinvestment. And so are you worried about -- or

several parts of the channels suppliers appear to be talking a lot more than they used to about higher hurdle rates for reinvestment and so are you worried about


One external factor that has changed since our last call is foreign exchange, which we now expect to be near 0 for the full year based on current FX rates.

the one external factor that has changed since our last call is foreign exchange which we now expect to be near 0 for the full year based on current fx rates


of FSGS stakeholders to efficiently enroll this trial far more . We have identified more than 100 sites globally with interest in participating in the trial.

of fsgs stakeholders to efficiently enroll this trial far more quickly we have identified more than 100 sites globally with interest in participating in the trial


which means that there is a negative development in the single premium business because single premium, you will usually get, when you write new accounts.

which means that there is a negative development in the single premium business because single premium you will usually get when you write new accounts


Profit was supported by a strong result in the Life business in Brazil as well as the resilient result in Iberia despite a low interest rate environment.

profit was supported by a strong result in the life business in brazil as well as the resilient result in iberia despite a low interest rate environment


I think we're probably balancing better this year and I'll come -- I'll be glad to come back to be more specific responding to your question in a year.

i think we're probably balancing better this year and i'll come -- i'll be glad to come back to be more specific responding to your question in a year


In September, we will issue our annual proxy guide that offers clients a comprehensive roadmap for building innovative and shareholder-friendly proxy statements,

in september we will issue our annual proxy guide that offers clients a comprehensive road map for building innovative and shareholder-friendly proxy statements


a little hard for us to say where that's going to go. This is not going to be something that we commercialize on our own. That's just impractical.

a little hard for us to say where that's going to go this is not going to be something that we commercialize on our own that's just impractical


If we want to grow and if we want to really be serious and become a real serious player in this area, we believe we needed to relook at the processes, because

if we want to grow and if we want to really be serious and become a real serious player in this area we believe we needed to relook at the processes because


We, therefore, have high hopes for this new market. If we can enter the European market from a base in England, we see potential to build business

we therefore have high hopes for this new market if we can enter the european market from a base in england we see potential to build business


we think our products emphasizing health benefits, such as Ramune, I just mentioned, will continue to become more popular with consumers.

but we think our products emphasizing health benefits such as ramune i just mentioned will continue to become more popular with consumers


Well, again, we want to thank everyone for joining us on the call today. We look forward to speaking with you next quarter. Thank you.

well again we want to thank everyone for joining us on the call today we look forward to speaking with you next quarter thank you


This decrease is a function of rigs that were reactivated as well as the recontracting of rigs that rolled off higher dayrate-term contracts.

this decrease is a function of rigs that were reactivated as well as the recontracting of rigs that rolled off higher day rate term contracts


is obviously something that we're good at and we'll continue to push. However, our educators are not immune to these trends. They're driving on the same roads

is obviously something that we're good at and we'll continue to push however our educators are not immune to these trends they're driving on the same roads


Very simply, if no other action is taken by a BDC other than adopting the change in the asset coverage ratio, the probability of default for all of our lenders decreases.

very simply if no other action is taken by a bdc other than adopting the change in the asset coverage ratio the probability of default for all of our lenders decreases


Approximately 60% of these new investments were to incumbent borrowers, and more than half of these investments were in first lien secured positions.

approximately 60% of these new investments were to incumbent borrowers and more than half of these investments were in first lien secured positions


As part of our plan to drive greater efficiency and expanded -- expand our reach, we committed new resources to a select group of new sales agency partners.

as part of our plan to drive greater efficiency and expanded -- expand our reach we committed new resources to a select group of new sales agency partners


Intuitive is investing for the long term. And I think you all will hold us to the quality of those investments. Mostly, the challenge here has not been

intuitive is investing for the long term and i think you all will hold us to the quality of those investments mostly the challenge here has not been


The decrease in the percent of revenue is due to lower administrative salaries as a percent of revenues, which continues to see incremental gains from the BOSS project.

the decrease in the percent of revenue is due to lower administrative salaries as a percent of revenues which continues to see incremental gains from the boss project


over the year that I think was the positive result that maybe we were being a bit too conservative on, was the cost at Dolores.

over the year that i think was a positive result that maybe we were being a bit too conservative on was the cost at dolores


Moving on to our focus on store optimization. As you know, we made a decision to close 18 stores last year, with most closing in June.

moving on to our focus on store optimization as you know we made a decision to close 18 stores last year with most closing in june


Our design win pipeline continues to expand, driven by the introduction of innovative products designed to address stringent product application requirements.

our design win pipeline continues to expand driven by the introduction of innovative products designed to address tangent product application requirements


So we have a great company. We have a company that we are taking to the next level. But for sure, there are areas where an infusion of experience will make a big difference.

so we have a great company we have a company that we are taking to the next level but for sure there are areas where an infusion of experience will make a big difference


So we are going to have a dual strategy of building and owning our own services, more for the middle to lower part of the base, and partnering for the top part of the base.

so we are going to have a dual strategy of building and owning our own services more for the middle to lower part of the base and partnering for the top part of the base


when a customer goes from maintenance to subscription. I wonder if you could provide just any color kind of what that uplift looks like across the installed base, and just

when a customer goes from maintenance to subscription i wonder if you could provide just any color of kind of what that uplift looks like across the installed base and just


As Medicaid programs continue to modernize, states are taking greater leadership in managing provider networks, including quality and access to providers.

as medicaid programs continue to modernize states are taking greater leadership in managing provider networks including quality and access to providers


the opening of a new store on Miami Beach and the ramp-up of our charter business, which was virtually closed in December last year due to Hurricane Irma.

the opening of a new store on miami beach and the ramp up of our charter business which was virtually closed in december last year due to hurricane irma


The reaction from meeting planners to the new product has been terrific and is showing up in our group pace, which is now up mid-single digits for the balance of the year.

the reaction from meeting planners to the new product has been terrific and is showing up in our group pace which is now up mid-single digits for the balance of the year


And, of course, we continue to look as we said at GEN-003 partnership opportunities. We see a couple of different ways that we can be bringing in nondilutive capital

and of course we continue to look as we said at gen 3 partnership opportunities so we see a couple of different ways that we can be bringing in nondilutive capital


Returns ultimately are built from quality customer relationships, disciplined pricing, prudent risk management and controlling expenses.

returns ultimately are built from quality customer relationships disciplined pricing prudent risk management and controlling expenses


will opt to go into the long-term extension and this was actually part already of the informed consent

will opt in -- to go into the long-term extension and this was actually part already of the informed consent


major projects that we have talked about to allow them to move at the pace that they will. And we'll lay those plans out when we get closer there. But

major projects that we've talked about to allow them to move at the pace that they will and we'll lay those plans out when we get closer there but


Reported service revenues were down slightly due to our first quarter decision to shut down a wholesale business that we inherited from Nextel.

reported service revenues were down slightly due to our first quarter decision to shut down a wholesale business that we inherited from nextel


We expect to be very active externally going forward since we see a tremendous market opportunity for our offering. We have a couple of important updates on the commercial front.

we expect to be very active externally going forward since we see a tremendous market opportunity for our offering we have a couple of important updates on the commercial front


and 6% from the third quarter of 2017 as we continue to focus on the origination of multifamily, commercial real estate and commercial business loans with full banking relationship.

and 6% from the third quarter of 2017 as we continue to focus on the origination of multifamily commercial real estate and commercial business loans with full banking relationship


We anticipate opportunistically purchasing in the market as the market presents itself to allow us to do that. We do anticipate using up our full

we anticipate opportunistically purchasing in the market as the market presents itself to allow us to do that we do anticipate using up our full


The open trading window for us was during the month of March. If you can recall back a couple of months to March, this was a period of time when the oil price was actually rallying quite a bit.

the open trading window for us was during the month of march if you can recall back a couple of months to march this was a period of time when the oil price was actually rallying quite a bit


Lower Guaranteed Universal Life sales were offset by higher sales across the other products, reflecting specific distribution and product actions we have taken.

lower guaranteed universal life sales were offset by higher sales across the other products reflecting specific distribution and product actions we have taken


Another brand success story in the quarter has been WOODS. Last year we did a 19 store test of WOODS outerwear at Sport Chek. This year we came back aggressively

another brand success story in the quarter has been woods last year we did a 19-store test of woods outerwear at sportchek this year we came back aggressively


During today's call, I will provide an overview of our Q4 and full year 2017 operating results as well as some broader commentary on our current business environment.

during today's call i will provide an overview of our q4 and full year 2017 operating results as well as some broader commentary on our current business environment


I was excited about China for my whole career in medical devices and now here at Waters. And I think there's just a lot of interesting things going on in that economy

i was excited about china for my whole career in medical devices and now here at waters and i think there's just a lot of interesting things going on in that economy


So we like where that is. It's just a question of how much impact does the spillover from oil and gas have on the general rents business in terms of utilization rates,

so we like where that is it's just a question of how much impact does the spillover from oil and gas have on the general rents business in terms of utilization rates


And we also expect relief for China pork prices in the second half of the fiscal year, which will improve the operating environment for our China retail meat business.

we also expect relief for china pork prices in the second half of the fiscal year which will improve the operating environment for our china retail meat business


Perfect. And so as it relates to that expansion, we understand the difficulty of modeling any of that, but

perfect and so as it relates to that expansion we understand the difficulty of modeling any of that but


And then, in my closing slides, I will talk to how we are responding to this environment both in the short-term and over the longer-term from a strategic point of view.

and then in my closing slides i will talk to how we are responding to this environment both in the short term and over the longer term from a strategic point of view


So to wrap up before I hand it off to Jim, we've had generally good performance so far in 2017 and I feel very positive about our continued strategic momentum.

so to wrap up before i hand it off to jim we've had generally good performance so far in 2017 and i feel very positive about our continued strategic momentum


The reasons for the variances are included in our earnings release and will be detailed in management's discussion and analysis which is included in the second quarter 10-Q that we'll file tomorrow.

the reasons for the variances are included in our earnings release and will be detailed in management's discussion and analysis which is included in the second quarter 10-q that we'll file tomorrow


We are able to target these enhanced synergies, because our initial assumptions regarding headcount, technology spending, occupancy costs and other expenses were conservative.

we are able to target these enhanced synergies because our initial assumptions regarding headcount technology spending occupancy costs and other expenses were conservative


There was a competitor, then our activity going on at the cheap end of the market with what we talked about at the half year. The wash up sort of average position with input costs, so

there was competitive and our activity going on at the cheap end of the market with what we talked about at the half year there's the wash-up sort of average position with import costs so


We do, however, acknowledge that there is more to be done. We have appointed a new executive general manager to this business, following the external search, and he will start shortly.

we do however acknowledge that there is more to be done we have appointed a new executive general manager to this business following external search and he will start shortly


and they believe -- we believe that those commitments will represent a differentiated earnings growth for our investors. And I'm confident, we're doing the right thing

and they believe -- we believe that those commitments will represent a differentiated earnings growth for our investors and i'm confident we're doing the right thing


We have successfully delivered multiple projects in sports, out-of-home and spectaculars. We continued to see growth in our Transportation segment in our International business.

we have successfully delivered multiple projects in sports auto home and spectaculars we continue to see growth in our transportation segment in our international business


What I would say to you is if you look at our level of confidence in what we've described to the market about our ability to

what i would say to you is if you look at our level of confidence in what we've described to the market about our ability to


In fact, the most recent market share data indicates that we now hold the leading position in new patient starts in the frontline segment,

in fact the most recent market share data indicates that we now hold the leading position in new patient starts in the frontline segment


As I mentioned earlier, we view our broad line of high-performing funds and separate accounts and our leadership and investment strategies that are well positioned for an environment of rising interest rates

as i mentioned earlier we view our broad lineup of high-performing funds and separate accounts and our leadership in investment strategies that are well positioned for an environment of rising interest rates


and that really kind of encouraged us to move on with the extension of the open season. So I think we're really optimistic on the line and where the ultimate capacity lands on that line.

and that really kind of encouraged us to move on with extension of the open season so i think we're really optimistic on the line and where the ultimate capacity lands on that line


And iron ore, partly or maybe even mainly because of the Vale accident during Q1. Iron ore prices have really spiked during this quarter.

and iron ore partly or maybe even mainly because of the volvo accident during q1 iron ore prices have really spiked during this quarter


And we welcome the recent inclusion of glass containers on the proposed list of Chinese-manufactured products to be subject to new importation tariffs.

and we welcome the recent inclusion of glass containers on the proposed list of chinese manufactured products to be subject to new importation tariffs


We had a very strong first half of the year and our turnaround plan is in full motion and we are confident that we will be able to deliver on all of our commitments.

we had a very strong first half of the year and our turnaround plan is in full motion and we are confident that we will be able to deliver on all of our commitments


is you have like dozens of them always on the go. So we have hundreds of projects that we work on at any one point in time,

is you have like dozens of them always on the go so we have hundreds of projects that we work on at any one point in time


It's an exciting time and, at the same time, a challenging time. Earlier this year, I laid out 3 key objectives aimed at helping our company realize its full potential over the long term.

it's an exciting time and at the same time a challenging time earlier this year i laid out 3 key objectives aimed at helping our company realize its full potential over the long term


A slide presentation with supporting summary financial information and additional performance charts are also available on the company's website as part of the webcast of today's call.

a slide presentation with supporting summary financial information and additional performance charts are also available on the company's website as part of the webcast of today's call


I'm pleased to report that our target of enrolling the additional 40-or-so patients this fall continues and we should complete this process shortly.

i'm pleased to report that our target of enrolling the additional 40 or so patients this fall continues and we should complete this process shortly


the sooner we do a partnering deal, the better it is for the entire company and its plans. 132 is moving forward and we will not delay

the sooner we do a partnering deal the better it is for the entire company and its plans 132 is moving forward and we will not delay


and how we've worked with them. And I've got to tell you, it's still early. So I'm not going to prognosticate as it relates to pharma inflation for the full year. I don't expect it to be low, let's put it that way.

how we've worked with them and i've got to tell you it's still early so i'm not going to prognosticate as it relates to pharma inflation for the full year i don't expect it to be low let's put it that way


make you think that the gross profit percentage shouldn't be more in line with the mid-single digits you saw in the second quarter? Or will some of these

make you think that the gross profit percentage shouldn't be more in line with the mid-single digits you saw in the second quarter or will some of these


for the product where they're sitting on the sidelines waiting for a future launch date. And there's a mechanism that if sales fall precipitously that

for the product where they're sitting on the sidelines waiting for a future launch date and there's a mechanism that if sales fall precipitously that


and expect to experience continued intra-quarter variability of Defitelio sales. And I would say don't get too excited when they pop way up,

and expect to experience continued intra-quarter variability of defitelio sales and i would say don't get too excited when they pop way up


By the end of 2016, we expect our annual research and development spending on new products and cost reduction initiatives

by the end of 2016 we expect our annual research and development spending on new products and cost reduction initiatives


and the fact that we're going to ramp headcount in the back half of this year as well. So nothing unusual. It's just a build of the productivity program that we've been working on for a couple of years.

and the fact that we're going to ramp headcount in the back half of this year as well so nothing unusual it's just the build of the productivity program that we've been working on for a couple of years


one requirement is to have such tests conducted, tests of the operation. But there are other conditions attached.

one requirement is to have such tests conducted test of the operation but there are other conditions attached


and continue the string of strong quarterly results in CTP. While new records were established, opportunity remains and we strive to break those records

and continued the string of strong quarterly results in ctp while new records were established opportunity remains and we strive to break those records


and we began reshaping our facility network, which will effectively translate to a 20% reduction of our footprint while leveraging field service delivery to get closer to our customers.

and we began reshaping our facility network which will effectively translate to a 20% reduction of our footprint while leveraging field service delivery to get closer to our customers


I would talk about progress with these wells in a minute. And we are also evaluating new projects in our portfolio, such as the next phase of development

i will talk about progress with these wells in a minute and we are also evaluating new projects in our portfolio such as the next phase of development


We remain committed to maintaining an investment-grade position throughout the cycle, and we should be in a position to pursue other smart growth opportunities as the recovery continues.

we remain committed to maintaining an investment-grade position throughout the cycle and we should be in a position to pursue other smart growth opportunities as the recovery continues


We have a weather benefit that we don't know if that's going to be -- move some business from second quarter to first quarter on some of our open footwear business.

we have a weather benefit that we don't know if that's going to be -- move some business from second quarter to first quarter on some of our open footwear business


Even though this charge has good payback, we know we need to reduce the size of these charges going forward, which is why we've rolled out a new performance management system and headcount control.

even though this charge has good payback we know we need to reduce the size of these charges going forward which is why we've rolled out a new performance management system and headcount control


But I'm very comfortable with the reverse situation which is sitting on a nationwide cable plan that gives you optionality on mobile.

but i'm very comfortable with a very rare situation which is sitting on a nationwide cable plan that gives you optionality on mobile


Let's move over to Slide 19 and talk about Salix product portfolio. We have a number of programs in the works for rifaximin. First, we're continuing to enroll patients in a study that we initiated earlier this year

let's move over to slide 19 and talk about salix's product portfolio we have a number of programs in the works for refaximen first we're continuing to enroll patients in a study that we initiated earlier this year


As we indicated, we have opened our new facility, which is outside of Shanghai but with the express purpose of servicing the Shanghai market. It's

as we indicated we have opened our new facility which is outside of shanghai but with the express purpose of servicing the shanghai market it's a


did a survey prior to this tax bill passing and 82% of the BRT membership anticipated that if it did pass

did a survey prior to this tax bill passing and 82% of the brt membership anticipated that if it did pass


We continue to see a considerable pipeline of medium and large direct loop opportunities, and our ramp-up in the closed loop continues, and interest remains high.

we continue to see a considerable pipeline of medium and large direct lube opportunities and our ramp-up in the closed loop continues and interest remains high


Trump and Clinton and what that did to some of the national election, was he unique due to his public profile? Or given that Clinton also spent less,

trump and clinton and what that did to some of the national election was he unique due to his public profile or given that clinton also spent less


the market went through this big dispute between mainly Chinese buyers and Brazilian suppliers.

the market went through this big dispute between mainly chinese buyers and brazilian suppliers


But those phones only do what the applications and software of the platform tell it to do. And we continue to enhance those capabilities by adding new features and new capabilities.

but those phones only do what the applications and software of the platform tell it to do and we continue to enhance those capabilities by adding new features and new capabilities


that we have bottomed out and given that we will see a better margin expansion as a result of any sales to this. So it will take a couple of years to get back to

that we have bottomed out and given that we will see a better margin expansion as a result of any sales to this so it will take a couple of years to get back to


count, we feel like as we grow subscribers, we kind of provide more variety in different

we feel like as we grow subscribers we kind of provide more variety in different


for what is a totally new environment from a macroeconomic point of view, but also from a geopolitical point of view. We will talk about it later on.

for what is a totally new environment from a macroeconomic point of view but also from a geopolitical point of view we will talk about it later on


Can you talk -- and I think you addressed some of this in your script. Can you talk about investments you've made in the quarter and local content and talent? I mentioned

can you talk -- and i think you addressed some of this in your script can you talk about investments you've made in the quarter in local content and talent i mentioned the


As we've discussed previously, our PST segment continues to contribute positive operating profit, resulting in the third consecutive quarter of breakeven or better operating performance.

as we have discussed previously our pst segment continues to contribute positive operating profit resulting in the third consecutive quarter of breakeven or better operating performance


But, really, sort of as you're thinking about big-picture ideas and where our business is going, what the business drivers are, it really is going to be Snap Ads and the auction for the foreseeable future.

but really sort of as you're thinking about big picture ideas and where our business is going and what the business drivers are it really is going to be snap ads in the auction for the foreseeable future


this year, with the ability of the organization overall to overcome the pressures that we had from bookings and retention, call it, a couple of years ago

this year with the ability of the organization overall to overcome the pressures that we had from bookings and retention call it a couple of years ago


While it's not my intent to remain as CEO, I can also say that my personal commitment to this company is strong and I intend to leave the company in good hands.

while it's not my intent to remain as ceo i can also say that my personal commitment to this company is strong and i intend to leave the company in good hands


we had a more significant increase in average revenue per customer than our largest competitor. And we think that's driven by the superior network offering that we have in the marketplace.

we had a more significant increase in average revenue per customer than our largest competitor and we think that's driven by the superior network offering that we have in the marketplace


So I'm pretty optimistic. This was an incredibly busy year up till this point, and I think we're in a good position moving forward.

so i'm pretty optimistic this was an incredibly busy year up till this point and i think we're in a good position moving forward


This morning, I'll take a moment to highlight our Q3 results, review our key markets and share our outlook before we take your questions.

this morning i'll take a moment to highlight our q3 results review our key markets and share our outlook before we take your questions


Moving to our cash flow. In 2017, we generated strong free cash flow, which enabled us to repurchase 2 million shares of common stock,

moving to our cash flow in 2017 we generated strong free cash flow which enabled us to repurchase 2 million shares of common stock


So growth is a requirement that we've imposed on our acquisition strategy. And you would expect to see

so growth is a requirement that we've imposed on our acquisition strategy and you would expect to see


Our commitment to this market is long term. We look forward to bringing our capabilities to the industry by stepping up our engagement with all the ecosystem partners

our commitment to this market is long term we look forward to bringing our capabilities to the industry by stepping up our engagement with all the ecosystem partners


which reflects our initial estimate of the impact of tax reform in fiscal '18. This includes a onetime noncash tax benefit

which reflects our initial estimate of the impact of tax reform in fiscal '18 this includes a onetime noncash tax benefit


Not in recent history have so many people been unemployed, yet the continent remains a major destination for economic migrants. Policy reform has come to a standstill.

not in recent history have so many people been unemployed yet the continent remains a major destination for economic migrants policy reform has come to a standstill


Given the status of airport negotiations, this guidance excludes the anticipated proceeds from the sale of the Perth domestic terminal.

given the status of airport negotiations this guidance excludes the anticipated proceeds from the sale of the perth domestic terminal


while taking a hard look at country, sector and client concentrations. The combined effects of these elements made it very difficult to produce asset growth during this quarter,

while taking a hard look at country sector and client concentrations the combined effects of these elements made it very difficult to produce asset growth during this quarter


Turning now to carbon and steel. Prices continued to be under a great deal of pressure in the third quarter, mainly due to continued record high import levels in the marketplace

turning now to carbon steel prices continued to be under a great deal of pressure in the third quarter mainly due to continued record high import levels in the marketplace


We want our new name to better reflect who we become as a company and we can't wait to share the new look and message with our shareholders, so stay tuned.

we want our new name to better reflect who we've become as a company and we can't wait to share the new look and message with our shareholders so stay tuned


Are you encouraged by the ability to bring in some outside capital? Are you pretty optimistic on that?

are you encouraged by the ability to bring in some outside capital are you pretty optimistic on that


in the current environment would cause you to maybe take that guidance up, given the growth you're seeing in both the recurring engagements as well as some of the other digital initiatives?

in the current environment would cause you to maybe take that guidance up given the growth you're seeing in both the recurring engagements as well as some of the other digital initiatives


Daniel, how do we think about the importance of those assets in the total remedy package? I mean, if you look at the last book value of those -- of the remedy assets and then in payments you've taken,

daniel how do we think about the importance of those assets in the total remedy package i mean if you look at the last book value of those -- of the remedy assets and then the impairment you've taken


How sustainable is that performance particularly in light of your earlier comments about how important it is to drive the top line more than margin expansion because

how sustainable is that performance particularly in light of your earlier comments about how important it is to drive the top line more than margin expansion because


During half 2 of last year, we also did a lot of work on our menus, ensuring, for example, that we don't carry too many orphan products. Those are products that only appear in 1 or 2 dishes

during half 2 of last year we also did a lot of work on our menus ensuring for example that we don't carry too many orphan products those are products that only appear in 1 or 2 dishes


These prevailing factors have slowed economic growth in the country, and the expectation is that Canada can expect to feel the effects of the downturn continued at least in the near term.

these prevailing factors have slowed economic growth in the country and the expectation is that canada can expect to feel the effects of the downturn continued at least in the near term


we'll continue to work, but in a slightly different way, more so through the bid process here in the next couple of quarters, and keep plugging away.

we'll continue to work but in a slightly different way more so through the bid process here in the next couple of quarters and keep plugging away


when I say a new product, I'm really talking about a customer engagement, where they come to us with an opportunity and we're able to create a solution that meets their needs.

when i say new product i'm really talking about a customer engagement that -- where they come to us with an opportunity and we're able to create a solution that meets their needs


really find the right way to ensure the patients that need our monotherapy or our combination therapies in the future have access to it. So we're going to continue to

really find the right way to ensure the patients that need our monotherapy or our combination therapies in the future have access to it so we're going to continue to


It is a very competitive market for deposits in the Northeast, and we need to continue to change, improve and grow our people, products and processes.

it is a very competitive market for deposits in the northeast and we need to continue to change improve and grow our people products and processes


Finally, we were excited to launch our student engagement and retention analytics tool in the fourth quarter and hope to share any relevant updates over the next few quarters.

finally we were excited to launch our student engagement and retention analytics tool in the fourth quarter and hope to share any relevant updates over the next few quarters


Thanks, Tom. Good morning, and thanks for joining us today. The opportunity in front of us at BioCryst is significant, and we're determined to take full advantage of this opportunity

thanks tom good morning and thanks for joining us today the opportunity in front of us at biocrist is significant and we're determined to take full advantage of this opportunity


and making sustainable improvements that will support an improvement in return on invested capital as demand recovers. Another area of focus is our rental business,

and making sustainable improvements that will support an improvement in return on invested capital as demand recovers another area of focus is our rental business


We also experienced the underperformance of some of our brands in our franchise portfolio, which tends to be part of the cyclical nature of the sector.

we also experienced the underperformance of some of our brands in our franchise portfolio which tends to be part of the cyclical nature of the sector


There is a huge advantage to all of the customers in that now with one loyalty program, it will be much easier to earn elite status

there is a huge advantage to all of the customers in that now with one loyalty program it will be much easier to earn elite status


Second, faster drill times result in much more aggressive consumption of the equipment we provide and product demand increases with each additional foot drilled per day.

second faster drill times result in much more aggressive consumption of the equipment we provide and product demand increases with each additional foot drilled per day


Growth is primarily being driven by our Casualty and Environmental units, which had benefited in part by new technologies that help us better analyze and select risk,

growth is primarily being driven by our casualty and environmental units which have benefited in part by new technologies that help us better analyze and select risk


we've also done a lot of work to prepare ourselves for that. So it wouldn't take us too long for us to at least bring the capability, to offer it, to execute on it, to offer it for our clients.

we've also done a lot of work to prepare ourselves for that so it wouldn't take us too long for us to at least bring the capability to offer it to execute on it to offer it for our clients


to optimize how we're moving barrels around our network to capture opportunities as they're available, which in that kind of market environment we saw

optimize how we're moving barrels around our network to capture opportunities as they're available which in that kind of market environment we saw


rate actions at this point are more the normal course of working with the regulators, just reflecting experience in markets. So we're already seeing some of that normalization pretty far along.

rate actions at this point are more the normal course of working with the regulators just reflecting experience in the markets so we're already seeing some of that normalization pretty far along


period to hoping that we can see together in Milan for our new Investor Day. So I hand over -- and I just would like to

period together to hoping that we can see together in milan for our new investor day so hand over and i just would like to


This media campaign is particularly important in building awareness for our menu items, where we have made great progress in the last few months.

this media campaign is particularly important in building awareness for our menu items where we have made great progress in the last few months


We expect to offer at least one exclusive filter product, with extensive variance on the e-commerce site unavailable through other outlets.

we expect to offer at least one exclusive filter product with extensive variants on the e-commerce site unavailable through other outlets


Thank you, operator. I'm excited about the opportunity that we have at YRC Worldwide, and I certainly have a great deal of confidence in our leadership team.

thank you operator i'm excited about the opportunity that we have at yrc worldwide and i certainly have a great deal of confidence in our leadership team


But perhaps most importantly, this revolutionary product gives fire departments the opportunity to cost effectively equip every firefighter with thermal imaging technology.

but perhaps most importantly this revolutionary product gives fire departments the opportunity to cost-effectively equip every firefighter with thermal imaging technology


the new age enhancing what we're doing. There's really no issue with any wholesale replacements or changes to the way we do work, but we do believe the way we process data,

the new age enhancing what we're doing there's really no issue with any wholesale replacements or changes to the way we do work but we do believe the way we process data


So in terms of introducing new products and how many will survive, can you give us a percentage?

so in terms of introducing new products and how many will survive can you give us a percentage


So when you see a good new product, people will pursue that, and you will see some inflated numbers around that new product.

so when you see a good new product people will pursue that and you will see some inflated numbers around that new product


the underlying business has some really good momentum. You can't really see it in the numbers because there's such a lag between our shipment numbers and our consumption numbers just based on

the underlying business has some really good momentum you can't really see it in the numbers because there's such a lag between our shipment numbers and our consumption numbers just based on


Improvements were driven by lower working capital usage, which was significantly higher in the prior year due to the timing of collections related to the large deepwater projects.

improvements were driven by lower working capital usage which was significantly higher in the prior year due to the timing of collections related to the large deepwater project


We firmly believe that our strategy continues to be underpinned by the most important secular trends in Canadian and global real estate.

we firmly believe that our strategy continues to be underpinned by the most important secular trends in canadian and global real estate


So as people are going in and moving and trying to take advantage of this market, we're very, very well-positioned and have made it a key part of our strategy.

so as people are going in and moving and trying to take advantage of this market we're very very well positioned and have made it a key part of our strategy


that, that dissipated through the first quarter. And then also in Europe, we had a very strong first quarter. So I think it's more that the first quarter had some unique things going on

that dissipated through the first quarter and then also in europe we had a very strong first quarter so i think it's more that the first quarter had some unique things going on


more broadly then, what about a sales cycle can be impacted? I mean, are these things that you can't start marketing until the previous show has occurred?

more broadly then what about a sales cycle can be impacted i mean are these things that you can't start marketing until the previous show has occurred


audience growth that we'd had based on our marketing investments would have a larger impact faster on the retention, although retention is up slightly. It just taken us a bit longer

audience growth that we had had based on our marketing investments would have a larger impact faster on the retention although retention is up slightly it's just taken us a bit longer


Already since that closing about 2 weeks ago, we've acquired 1 former franchise location and we expect a new franchise location to open later this week.

already since that closing about 2 weeks ago we've acquired one former franchise location and we expect a new franchise location to open later this week


In addition, we continue to trial improvements to our customer offer to help drive sales. So moving on to Stationery.

in addition we continue to trial improvements to our customer offer to help drive sales so moving on to stationery


And that doesn't work in an environment where raw materials are going up, you need to be focused on getting prices up. So the competitive environment

and that doesn't work in an environment where raw materials are going up you need to be focused on getting prices up so the competitive environment


The -- Jack talked about the multilayer, so it is barrier constructs that they're making. And today, they do participate in meat, cheese and dairy

the -- jack talked about the multilayer so it is barrier constructs that they're making and today they do participate in meat cheese and dairy


Okay, thanks very much. And then could you make any comments on what you've seen in terms of order trends in July so far? Bruce?

okay and then could you make any comment on what you've seen in terms of order trends in july so far


Before we begin, I would like to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements.

before we begin i would like to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements


And it's worth remembering that the vast majority of our 5 million members are not frequent flyers. Aeroplan currently helps them to choose Air Canada for their travel goals.

and it's worth remembering that the vast majority of our 5 million members are not frequent fliers aeroplan currently helps them to choose air canada for their travel goals


of general and maintenance capital expenditures for 2019. In addition, keep in mind that for certain of our large civil projects, we purchase equipment that is entirely owner funded.

of general and maintenance capital expenditures for 2019 in addition keep in mind that for certain of our large civil projects we purchase equipment that is entirely owner funded


the fiber, I think the fiber is there. Our biggest issue is finding the appropriate land at the appropriate value early enough to make sure that the power is there.

the fiber i think the fiber is there our biggest issue is finding the appropriate land at the appropriate value early enough to make sure that the power is there


considering that we have so much more long-distance traffic now with some of the ramping of the business that we've had over the last year. As for the network expenses,

considering that we have so much more long-distance traffic now with some of the ramping of business that we've had over the last year as for the network expenses


During the quarter, we engaged a consultant with significant experience in leading process renewal initiatives and appointed a design team to lead the redesign of our core business processes

during the quarter we engaged a consultant with significant experience in leading process renewal initiatives and appointed a design team to lead the redesign of our core business processes


bigger percentage of our production stream. Right. And this may be old news, but we have not seen any increase in GORs on our Wolfcamp production.

bigger percentage of our production stream and this may be old news but we have not seen any increase in gors on our wolfcamp production


And we sell to large corporate accounts, who are covered by our national account managers. These corporate customers can own and operate hundreds of clinics across the country.

and we sell to large corporate accounts who are covered by our national account managers these corporate customers can own and operate hundreds of clinics across the country


Michael will provide more color on our recent investment activity later in the call, but we remain vigilant in an admittedly tough market, with a focus on companies with the strongest fundamentals,

michael will provide more color on our recent investment activity later in the call but we remain vigilant in an admittedly tough market with a focus on companies with the strongest fundamentals


in our channel pivot in early 2016. And for this reason, we've taken a more conservative stance with regards to how quickly our new agent partners will ramp up,

in our channel pivot in early 2016 and for this reason we've taken a more conservative stance with regards to how quickly our new agent partners will ramp up


And so there is the possibility that, that would cost us a significant amount of revenue but -- and we'd like to make it up with a bigger deal, if possible.

and so there is the possibility that that would cost us a significant amount of revenue but -- and we'd like to make it up with a bigger deal if possible


of gas per day more than initially forecasted in 2017. We also finalized a new gas contract with the National Gas Company of Trinidad and Tobago,

gas per day more than initially forecasted in 2017 we also finalized a new gas contract with the national gas company of trinidad and tobago


Plays like the Woodford enhance the diversity of our portfolio and provide the flexibility to consistently grow production, while maintaining capital efficiency for years to come.

plays like the woodford enhance the diversity of our portfolio and provide the flexibility to consistently grow production while maintaining capital efficiency for years to come


We view dividends in the context of our overall capital allocation going back to the Capital Markets Day and the source of cash return on invested capital that we're looking for across Rolls-Royce.

we view dividends in the context of our overall capital allocation going back to the capital markets day and the sorts of cash return on invested capital that we're looking for across rolls-royce


a little robot developed in conjunction with Nottingham University, been doing that for a little while, but now we're actually bringing that into

a little robot developed in conjunction with nottingham university we've been doing that for a little while but now we're actually bringing that into


And maybe you notice here that we have for the first time now changed our reporting from a line of business reporting to a geography reporting.

and maybe you notice here that we have for the first time now changed our reporting from a line of business reporting to a geography reporting


this is a big part of our goal to optimize the CapEx so over time is we need to drop the unit-free cost, and we need to be more efficient. We need to really manage the vendors very tightly,

this is a big part of our goal to optimize the capex over time is we need to drop the unitary costs and we need to be more efficient we need to really manage the vendors very tightly


But we've got multiple brands that we can bring out into these different countries. So I think we're well positioned on all these, and these are all good opportunities for us.

but we've got multiple brands that we can bring out into these different countries so we're -- i think we're well positioned on all these and these are all good opportunities for us


and financial efficiency in quarters and years to come while investing in areas that we expect should result in a healthy rate of revenue and earnings growth.


Historically, we had recorded the costs associated with operating our distribution centers as well as the costs of our purchasing and product development teams as a component of cost of goods sold.

historically we had recorded the costs associated with operating our distribution centers as well as the costs of our purchasing and product development teams as a component of cost of goods sold


This acquisition strategically expands our portfolio into the ethical beauty category, which we believe is a natural extension of our overall brand and business.

this acquisition strategically expands our portfolio into the ethical beauty category which we believe is a natural extension of our overall brands and business


in line with previous year's EBIT, highlighting a stabilization of earnings after the volatility that had been apparent over recent years.

in line with previous year's ebit highlighting a stabilization of earnings after the volatility that had been apparent over recent years


the potential for full half run rate of that normalization in the second half? And then the second part of that question would be given the commodity exposures

the potential for a full half run rate of that normalization in the second half and then the second part of that question would be given the commodity exposures


In the LCC business, which is recorded under other revenues, Vanilla Air and Peach Aviation also contributed to revenue increases.

in the lcc business which is recorded under other revenues vanilla air and peach aviation also contributed to revenue increases


don't bite off more than you can chew and maintain and capitalize on a strong currency and execute well so that sellers view you us as an attractive partner.

don't bite off more than you can chew and maintain and capitalize on a strong currency and execute well so that sellers view you as an attractive partner


with pricing and volume being very good, your margins indicate that's very good. It seems like we're approaching a point where, if there's some new capacity, is there going to be something irrational?

with pricing and volume being very good your margins indicate that's very good it seems like we're approaching a point where if there's some new capacity is there going to be something irrational


overall, everything that we have reported today and the trends in that payer mix were things that were expected as we put our plan together.

overall everything that we have reported today and the trends in that payer mix were things that were expected as we put our plan together


but that you will then use your expertise to design the product for it to fit their needs at what I would probably guess would be a lower price than the competitor? The latter.

but that you will then use your expertise to design the product for it fit their need at what i would probably guess would be a lower price than the competitor the latter


On the pricing front, the industry is now evaluating in the context of the PMIERs, which shine a light on pricing and increased transparency around returns and capital management.

on the pricing front the industry is now evaluated in the context of the pmiers which shine a light on pricing and increase transparency around returns and capital management


Work on the draft commercial and construction agreements has also commenced, and preliminary financing discussions indicate a good appetite from a wide variety of lenders.

work on the draft commercial and construction agreements has also commenced and preliminary financing discussions indicate a good appetite from a wide variety of lenders


which is going to drive some of that increased performance in the fourth quarter. But it's going to be a fairly steady

which is going to drive some of that increased performance in the fourth quarter but it's going to be a fairly steady


no more questions, I'd like to thank you for listening and participating this morning. I look forward to our next call to report our first quarter 2016 results in May. Thank you.

no more questions i'd like to thank you for listening and participating this morning i look forward to our next call to report our first quarter 2016 results in may thank you


Not all those companies will be a fit for us because there's something about their operations that wouldn't be attractive or they're not in the market, but we do think it's a very, very large robust market. So as we look at

not all those companies will be a fit for us because there's something about their operations that wouldn't be attractive or they're not in the market but we do think it's a very very large robust market so as we look at


to scale manufacturing of our highest demand SKUs ahead of FDA approval so that we can continue offer this broad portfolio

to scale manufacturing of our highest demand skus ahead of fda approval so that we can continue offering this broad portfolio


There is a high level of execution in our operations and business functions across the company, which is reflected in our results. But it is more than just solid execution and operational improvement.

there is a high level of execution in our operations and business functions across the company which is reflected in our results but it is more than just solid execution and operational improvement


and the demand for our high-quality Japan logs remains solid now. I think what you're alluding to really is maybe a little bit more about realizations. And so

and the demand for our high-quality japan logs remains solid now i think what you're alluding to really is maybe a little bit more about realizations and so


and overall economic fundamentals remain positive with increasing real wages, unemployment at 50-year lows and strong job growth in key housing markets.

and overall economic fundamentals remain positive with increasing real wages unemployment at 50-year lows and strong job growth in key housing markets


pounds of copper. We had lower silver and copper sales, but they were in line with our expectations for the quarter. I'm going to paint a picture for you. Because we have comparable gold sales,

pounds of copper we had lower silver and copper sales but they were in line with our expectations for the quarter i'm going to paint a picture for you because we have comparable gold sales


While the pace of change in Nedbank over the next few years will remain frenetic, all of these taken together should result in a significantly improved client experience

while the pace of change in nedbank over the next few years will remain frenetic all of these taken together should result in a significantly improved client experience


We will provide data to demonstrate this fact in a few slides, but legacy KCG operated certain prop quant-driven strategies that took relatively more risk

we will provide data to demonstrate this fact in a few slides but legacy kcg operated certain prop quant-driven strategies that took relatively more risk


but we will continue to work with new building partners that can bring a branded proposition to their end customers, the consumers,

but we will continue to work with new building partners that can bring a branded proposition to their end customers the consumers


At the right place, at the right time, with the right value proposition, we look forward to reporting further progress in both organic and acquisition initiatives

at the right place at the right time with the right value proposition we look forward to reporting further progress in both organic and acquisition initiatives


We continue to reduce home exposures in severe convective storm states from the termination of our affinity partnerships, I just mentioned,

we continue to reduce home exposures in severe convective storm states from the termination of our affinity partnership i just mentioned


And it was the indirect impact that really, we think, is one of the drivers of the red material cost inflation that you see on Page 14 and that,

and it was the indirect impact that really we think is one of the drivers of the red material cost inflation that you see on page 14 and that


On top of that, you asked a little bit about labor expenses. One of the investments we have actually called out over almost the last 2 years is continued investments in specialty labor.

on top of that you asked a little bit about labor expenses one of the investments we have actually called out over almost the last 2 years is continued investments in specialty labor


Certain statements made during this call, which are not statements of historical fact, are forward-looking statements under the safe harbor provisions of Private Securities Litigation Reform Act.

certain statements made during this call which are not statements of historical fact are forward-looking statements under the safe harbor provisions of the private securities litigation reform act


So one of the things about the visibility there is you have the work inside the shop, but the length of time that it takes for it to come out the other end is sometimes past a year.

so one of the things about the visibility there is you have the work inside the shop but the length of time that it takes for it to come out the other end is sometimes past a year


We are on schedule. We are on plan. So I don't see any reason why the number -- why we would have any kind of a significant change there. But

we are on schedule we are on plan so i don't see any reason why the number -- why we would have any kind of a significant change there but


For us to thrive, we must transform ourselves to be more competitive, faster and simpler so that we win with all customers and across all segments.

for us to thrive we must transform ourselves to be more competitive faster and simpler so that we win with all customers and across all segments


On the Aerospace side, volumes were consistent with market demand on all programs, while C Series started contributing modestly to top line with 6 deliveries.

on the aerospace side volumes were consistent with market demand on all programs while c series started contributing modestly to the top line with 6 deliveries


In February, we announced an ambitious strategy for the next 3 years, which we have significantly increased the level of investments in the business,

in february we announced an ambitious strategy for the next 3 years which we have significantly increased the level of investment in the business


As to the assets that EFC would sell in preparation for a conversion, we expect that they will predominantly consist of lower yielding non-core assets. We would expect to sell certain

as to the assets that efc would sell in preparation for a conversion we expect that they will predominantly consist of lower-yielding noncore assets we would expect to sell certain


When the prices started going down, they were supposed to agree to a reduction, but a number of them failed to remember that portion of the equation.

when the prices started going down they were supposed to agree to a reduction but a number of them failed to remember that portion of the equation


this is also coming to your point, that on one hand, we are not out of the market, is in the market, but is in the market

this is also coming to your point that on one hand we are not out of the market so kebanka is in the market but is in the market


We are seeing very solid growth in our Colorado and Utah markets, which benefit from the value of the pass and the strong underlying economies in both areas.

we are seeing very solid growth in our colorado and utah markets which benefit from the value of the past and the strong underlying economy in both areas


Yes. I would -- again, back to Australia in terms of -- what I would say is we feel like Australia is now, the indicators, are positioning it as the strongest international market

yes again back to australia in terms of the -- what i would say is we feel like australia is now the indicators are positioning it as the strongest international market


Moving on to our omni-channel strategy and the development of our online presence, we are very pleased with the success of our modernized retail website launched last quarter.

moving on to our omnichannel strategy and the development of our online presence we are very pleased with the success of our modernized retail website launched last quarter


we'll continue to drive that going in, but I think the major success, as we look at this quarter, will really be based on how we're able to move the underlying metrics of the business.

we'll continue to drive that going in but i think the measure of success as we look at this quarter will really be based on how we're able to move the underlying metrics of the business


I really would encourage you to look at the video. I think -- we've had a variety of people go to Puerto Rico and take a look at the assets. And whether they're self-taught analysts or buy siders or

i really would encourage you to look at the video i think we've had a variety of people go to puerto rico and take a look at the assets and whether they're sell-side analysts or buyers or


This growth was primarily driven by increased sales to the beauty and home care markets that more than offset some continued softness in the personal care market.

this growth was primarily driven by increased sales to the beauty and home care markets that more than offset some continued softness in the personal care market


Internationally, we are also seeing great response to our new product. We're confident that the assortments the design team is creating will work equally well, both internationally and domestically.

internationally we are also seeing great response to our new product we're confident that the assortments the design team is creating will work equally well both internationally and domestically


in terms of the results that we've delivered this period, I recognize the strong foundation that I've just talked about.

and in terms of the results that we've delivered this period they recognize the strong foundation that i've just talked about


Once you adjust for the impact of closed and signed asset sales, we had underlying production growth of 3% compared to our second quarter production last year.

once you adjust for the impact of closed and signed asset sales we had underlying production growth of 3% compared to our second quarter production last year


In our side of business, we're benefiting in a sense because our clients are benefiting except for the upstream that we'll continue to monitor. I'm sorry to

in our side of business we're benefiting in a sense because our clients are benefiting except for the upstream that we'll continue to monitor i'm sorry to


And as I said in seafreight, we are moving away from business that is not showing a positive or sustainable gross profit margin. And therefore, you see our margin development.

and as i said in seafreight we are moving away from business that is not showing a positive or sustainable gross profit margin and therefore you see our margin development


So could you help us conceptualize how to think about the comparisons as the year goes on in terms of modeling?

so could you help us conceptualize how to think about the comparisons as the year goes on in terms of modeling


focused on innovation, focused on delivering on their -- for their customers and there was ample room for growth for both. And I think we've got that kind of white space. What we do, others are not doing.

focused on innovation focused on delivering on their -- for their customers and there was ample room for growth for both and i think we've got that kind of white space what we do others are not doing


We expect ART revenue to be up double digits this year with improved product margins, reflecting the strong demand for our hydroprocessing technologies.

we expect art revenue to be up double digits this year with improved product margins reflecting the strong demand for our hydro processing technologies


a better solution with a better fit depending on the scale of the project or maybe eventually, your OMS business today could probably

a better solution with a better fit depending on the scale of the project or maybe eventually your oms business today could probably


Results were also affected by a prolonged winter season in much of our markets that contributed to decreased demand for parts and service.

results were also affected by a prolonged winter season in much of our markets that contributed to decreased demand for parts and service


The business operated well in the quarter with a continued emphasis on improvement initiatives. Variable costs and operating efficiencies contributed to the majority of the cost savings in the quarter.

the business operated well in the quarter with continued emphasis on improvement initiatives variable costs and operating efficiencies contributed to the majority of the cost savings in the quarter


the industrial technologies now that we're bringing to this space, will allow us to push the envelope in terms of the intelligence that we're adding to the overall process to drive

the industrial technologies now that we're bringing to this space will allow us to push the envelope in terms of the intelligence that we're adding to the overall process to drive


for other reasons. We've seen some cap tightening in the hotel business because the hotel business has the most elastic pricing. And in a reasonably

for other reasons we've seen some cap tightening in the hotel business because the hotel business has the most elastic pricing and in a reasonably


We are making good progress with this effort and are starting to see some encouraging early data, and so I look forward to providing more substantive updates on this program in the coming months.

we are making good progress with this effort and are starting to see some encouraging early data and so i look forward to providing more substantive updates on this program in the coming months


Understood. Yes. Understood. On the pricing question, look, it's difficult to speak to the specifics of other products and other companies and how they think about these things. But

on the pricing question look it's difficult to speak to the specifics of other products and other companies and how they think about these things but


I will remind you that any statements made about the future, including our expectations or predictions, should be considered forward-looking statements within the meaning of the federal securities laws.

i will remind you that any statements made about the future including our expectations or predictions should be considered forward-looking statements within the meaning of the federal securities laws


We are continuing our work on increasing operating leverage by rationalizing costs in all

we are continuing our work on increasing operative leverage by rationalizing costs in all areas


I think it's important to keep this in mind and in context when looking at Basic Energy Services as a whole. The demands on our frac spreads have grown over the years as well.

i think it's important to keep this in mind and in context when looking at basic energy services as a whole the demands on our frac spreads have grown over the years as well


renovation program this year. But then there's also many other things that go on that we do from service level to food offering to marketing that we work on.

renovation program this year but there's also many other things that go on that we do from service level to food offerings to marketing that we work on


the additions of the Landing Group and New York Fries increased net franchise royalties and improved central contribution from decreases in central costs.

the additions of the landing group and new york fries increased net franchise royalties and improved central contribution from decreases in central costs


We've updated our websites and our reservation app to meet the demands of our customers. Our updated websites are fully responsive, providing optimal experience on any size mobile device.

we've updated our websites and our reservation app to meet the demands of our customers our updated websites are fully responsive providing optimal experience on any size mobile device